Welcome to my Mike Dillard mini-series. My goal in this post is to share 7 valuable lessons I learned from Mike Dillard, through his courses, videos, training calls, and teachings. In case you’ve never heard of Mike Dillard, he is the creator of Magnetic Sponsoring and many other quality network marketing training courses, such as Building on a Budget, Black Belt Recruiting and MLM Traffic Formula. I have to admit that this guy changed my life and business for the better.
I first learned about Mike Dillard way back in 2009. I purchased his book “Magnetic Sponsoring” when I first joined My Lead System Pro®. I read the book in one setting. Then I re-read it. And then I re-read it a third time. By the third time I read the book, I was convinced that his strategies were much better than my strategy to build a business. I applied the principles of his teachings and totally transformed my businesses within a few short months. Since then my life has never been the same.
So if you haven’t studied Mike’s materials yet, do yourself a favor and order them.
Listed below, I will summarize 7 valuable lessons I learned from Mike Dillard. Each lesson will be a subsequent post on my blog, where I expand upon his ideas and provide my own insights about the topic. All you need to do is click on the link “read more” at the end of the lesson to be redirected to the specific blog post. Let’s get started.
Lesson # 1: The Power of a MLM Funded Proposal
Funded proposals are so powerful, especially in network marketing. And the sad thing is most networkers don’t know what one is or how to use it. Thanks to Mike Dillard, many people have learned this powerful concept, including myself. A MLM Funded Proposal is simply a way to pay for or offset your advertising costs as you generate leads, so you can ultimately generate and endless supply of free leads for your network marketing business.
Leads are the lifeblood of any business. You need a constant flow of leads in your business so you have people to share your products and business opportunity with. You can get leads by prospecting people, making a list of everyone you know, or by buying leads. As I see it, the best way to get leads for your MLM Business is with a funded proposal. Read more.
Lesson # 2: Never Lead With Your Business Opportunity
Never lead with your business opportunity! Whenever you are advertising to grow your network marketing business or are talking to prospects, NEVER lead with your business opportunity. Search the internet, YouTube or Facebook and you will find MILLIONS of people pitching you their business opportunity. People spam your Facebook wall and even your email inbox telling you how their business opportunity is the best thing since sliced bread.
If you’re like most people, you don’t like to be pitched and you don’t like to be sold. You probably even find these ads annoying, just like your prospect does. Well, if it annoys you, do think your prospect will like it? Nope! Rather than leading with your business opportunity, lead with your products, a free report, or a low cost training product. Learn how to use a two-step selling process. Read more.
Lesson # 3: Become The Hunted, Not The Hunter
This is another important lesson I learned from Mike Dillard. When it comes to selling, it’s much better to be the hunted than the hunter. It’s much better to have prospects seeking you out than it is for you to chase people down, and try to sell, pressure and convince them to buy what you are selling. Back in the day, network marketers were taught to prospect everyone you meet, to make a name list of everyone you know, and to utilize the three foot rule. The key to success was to “work the numbers” and achieve success that way.
By all means, you can follow that approach and still achieve good results. Many people have. But, it’s definitely not a SMART or EFFICIENT way to build a network marketing business. I’d agree with Mike Dillard that it’s much better to have people contact you first, about what you have to offer, than it is for you to chase people. You see, whoever initiates a conversation loses. I’ve built my entire business so that I only talk to people and sponsor people who call me and ask me to do so. Read more.
Lesson # 4: Create a You, INC. Business
This is one of the most profound lessons I have ever learned in network marketing. The concept boils down to this: It is much wiser to have your MLM Company bonus check be one of your income streams, rather than be your only income stream. Mike teaches you how foolish it is to just build a downline. I have to agree with him!
There are several problems with just being a distributor. First and foremost, you could be terminated at any time for any reason. So all the hard work you did could be gone overnight. Next, the company could go bankrupt and shut down, leaving you with no bonus check. Furthermore, when you are just building a downline, you don’t own anything. You don’t own the company name, the products, the intellectual property, your distributor list or anything. The company is in complete control and you are the pawn. That’s why having multiple streams of income is a good thing. Read more.
Lesson # 5: The Three Step Formula to MLM Success
In this post, I want to share the three step formula to MLM Success that I learned from Mike Dillard. Please keep in mind that this success formula applies to EVERY type of online business, not just network marketing.
I say it all the time to people I coach and mentor: “The money is in the list.” Some people take note of that and others just ignore it and stick with what they know. As an entrepreneur, your single greatest asset in your business is your customer and leads list. When I think of big companies like AT&T, eBay, Amazon, Wal-mart, etc. I realize that what makes them powerful and profitable is their customer list, not their products or services that they sell. Read more.
Lesson # 6: Why People Buy
Successful salespeople and entrepreneurs understand WHY people buy. They study buying behaviors so they can focus their advertising, marketing and overall customer acquisition strategy to appeal to more people and get more sales. Mike Dillard taught me a few important lessons about why people buy.
These lessons are very helpful when you are presenting information about your products and business opportunity to your prospect. The information really applies to any business owner or any profession, not just MLM.
So, why do people buy? First and foremost, buying is an emotional decision, not a logical one. People make emotional decisions and then justify their decision with logic; not the other way around. Never forget that. Read more.
Another valuable lesson I learned from Mike Dillard is to know your target market for your MLM Business. This sounds like such common sense, but most network marketers are absolutely clueless when it comes to knowing their target market. In network marketing, you have two target markets: one for your business opportunity and one for people who will consume your product.
When it comes to your business opportunity, opportunity seekers are not your target market. Neither are people only interested in a job. Neither are broke, unemployed or financially destitute people. Instead, your best prospect is opportunity buyers. In other words, other network marketers are really your target market. Read more.
There you have it friends! These are the 7 most valuable lessons I learned from Mike Dillard. Of course, he’s taught me hundreds of other great lessons too. Other than my father and Dan Kennedy, Mike Dillard has shaped my entrepreneurial skills more than anyone else. Not only is he my mentor, but he is also one of my heroes. I can only hope that I will positively impact even half the amount of people he has. So if you ever read this post MIKE, I just want to say THANK YOU for all you do for our industry.
What are your thoughts? What lessons have you learned from Mike Dillard? Leave a comment below and let us know what you think. I look forward to hearing from you.
Chuck HolmesWebmaster, OnlineMLMCommunity.com
Phone: (352) 503-4816
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